Question 1 20 marks Suppose that the city council of Launceston decides to regulate rents in order to reduce student living expenses. The ayerage annual marketclearing rent for a twobedroom house has been 5250 per week and that rent is expected to increase to 5300 within a year. The city council limits rents to their current 5250 per week level. a. Draw a supply and demand graph to illustrate what will happen to rental price of a house after the imposition of rent controls. [10 marks] b. Do you think this policy will benefit all students? Why or why not? [10 marks}